Australian Newsagents are a product of newspaper and magazine publishers. But the umbilical cord was cut decades ago. While the relationship is challenged at times it remains strong or is at least perceived as strong by people on both publishers and newsagents.
But the world is changing. Publishers are adapting to the changes faster than newsagents. Newsagents continue to act as servants, expectant of a master delivering continued purpose.
It’s time for newsagents to acquire or create additional purpose for themselves. This might in the content space or in an allied product service category which fits with the typical newsagency consumer.
While some individual newsagents are playing in new spaces – invitations, printing etc – none seem to be genuinely searching for new revenue streams. This ties newsagent relevance to their existing product/service mix and that’s dangerous considering the changes coming in lotteries, newspaper sales, magazine sales and further competition in the stationery space.
This deregulated channel does not yet understand what deregulation means and how to commercially deal with that.
I’m concerned about this today because of spending another evening reviewing figures for several newsagencies. Similar demographics, similar sized businesses yet wildly different business numbers. Those growing are pursuing growth. Those not growing are complaining about it. It’s this negative mindset which is the biggest challenge for the channel.
Newsagent leaders need to be pursuing new products and or services which they own or have a greater piece of to shore up customer traffic fall and to bring new customers through the doors.
This is a business case study unfolding before our eyes. If only we could intervene…